Brazilian O&G sector Current scenario and perspectives: The 13 th Bidding Round

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1 Brazilian O&G sector Current scenario and perspectives: The 13 th Bidding Round Magda Chambriard Director-General BRATEX/OTC May 6 th

2 Outline 1 Brazilian O&G Sector Overview 2 Local Content and R,D&I 3 The 13 th Bidding Round 4 Final Remarks

3 Outline 1 Brazilian O&G Sector Overview 2 Local Content and R,D&I 3 The 13 th Bidding Round 4 Final Remarks

4 Coexistence of Contractual Systems Sedimentary area: 7.5 million km 2 ~ 2% of sedimentary areas: Production Sharing Onerous Assignment of Rights (OAR) OAR Surplus Remaining areas: Concession Regime Exploration blocks area under concession ~ 300,000 km oil and/or natural gas fields

5 Current Scenario Proven Reserves Oil 16.2 billion barrels Gas 471 billion m 3 Near Future: x2 Production (feb/2015) Oil and NGL 2.53 million barrels/day Gas 95.4 million m 3 /day Near Future x2 * * Considering only discoveries already made, mainly in the pre-salt area Proven Reserves (Bboe) Balance Imports/Exports (Jan-mar/2015) Oil 399 thousand barrels/day Gas 47,6 million m 3 /day Oil Natural Gas

6 Million Barrels per day Onshore and Offshore Production (Post and Pre-Salt) Despite the importance of the pre-salt discoveries, most part of the Brazilian production comes from post-salt areas. 3,0 Oil Production: ( ) 2,5 2,0 1,5 1,0 0,5 0,0 Total_Oil Offshore_Pre-Salt Offshore_Post-Salt Onshore

7 Strategic Role of O&G Sector Energy Security is ensured for a long period, but O&G sector role goes far beyond it... Local Content R,D&I

8 Outline 1 Brazilian O&G Sector Overview 2 Local Content and R,D&I 3 The 13 th Bidding Round 4 Final Remarks

9 Local Content Commitments Local Content is a bid parameter in ANP biddings for Concession regime and a contractual commitment in the Onerous Assignment and Production Sharing regime.. Average Local Content offers (%)

10 Local Content Subsea Equipments & Naval Industry Manifold P-58 Atlântico Sul Shipyard PE (P-62) BrasFels Shipyard RJ (P-56) Subsea Tree Pre-Salt

11 Local Content Overcoming challenges 1 st phase 2 nd phase 3 rd phase Atlântico Sul Brasa WORLD CLASS PRODUCTS

12 R,D&I Clause: Further Incentives for National Industry Law n. 9,478/1997, Article 8 ANP Attributions X Stimulate the research and the adoption of new technologies for exploration, production, transportation, refining and processing. R,D&I Contract Clause a) Establishes the obligation to the concessionaires to undertake expenditures classified as R,D&I in relevant areas and themes for the oil, gas and biofuels industry, in an amount equivalent to at least 1% of the Gross Annual value of Oil and gas production of each field where Special Participation is due. b) From 11th Bidding Round on: at least 10% of the amount provided to R,D&I Clause must be employed in the contracting suppliers conducting R,D&I activities that envisage the increment of the national content.

13 Outline 1 Brazilian O&G Sector Overview 2 Local Content and R,D&I 3 The 13 th Bidding Round 4 Final Remarks

14 Tentative Schedule Milestones Pre-tender (Concession Regime): June 11 th ( Submission of registration documents and payment of the participation fee: from June 12 th to August 18 th Access to data package: June 12 th Submission of Bids: October 7 th Important Warning: ANP Resolution 18/2015 establishes ranking of proposals (Bids) prior to the qualification of the companies.

15 Areas on Offer 269 Exploration Blocks 22 Sectors 10 Sedimentary Basins Onshore Amazonas Parnaíba Potiguar Recôncavo Offshore Sergipe-Alagoas Jacuípe Camamu-Almada Espírito Santo Campos Pelotas Total Area:125,126 km 2

16 Areas on Offer BASIN STATE AREA Amazonas AM 19, Parnaiba MA, TO 61, Potiguar (onshore) RN 2, Reconcavo BA 2, Sergipe-Alagoas (offshore) SE, AL, BA 7, Jacuipe BA 2, Camamu-Almada BA 5, Espírito Santo (offfshore) ES 5, Campos RJ Pelotas RS 18, TOTAL 125,126 km 2

17 Onshore New frontiers

18 Amazonas Basin (under environmental bodies evaluation) 07 blocks Area: 19, km 2 Blocos exploratórios arrematados R12 Exploration Blocos Exploratórios blocks Bid Rounds - Rodadas Oportunidades 11 Exploratórias Blocos Proposed Cessão Exploratórios Onerosa Blocks Propostos R 13 - R13 Setores Proposed Propostos Sectors Polígono Pré-Sal Campos em produção/desenv.

19 Amazonas Basin Manaus Refinary - REMAN Mauá thermoelectric REMAN Source:Petrobras Natural Gas Oil Oil and Natural Gas Mauá thermoelectric

20 Amazonas Basin Azulão Field VGIP 6.68 Bm 3 Area: 21 km² Reservoir: Carboniferous Sandstones (Nova Olinda Formation) Natural Gas and condensate Depth: - 1,560 m Japiim Field VGIP 661 Million m 3 Area: 12 km² Reservoir: Carboniferous Sandstones (Nova Olinda Formation) Natural Gas Depth: - 1,470 m

21 Parnaíba Basin 22 blocks Area: 61, km 2 Blocos exploratórios arrematados R12 Exploration Blocos Exploratórios blocks Bid Rounds - Rodadas Oportunidades Exploratórias Cessão Onerosa Proposed Blocos Exploratórios Blocks Propostos R13 - R13 Proposed Setores Propostos Sectors Polígono Pré-Sal Campos em produção/desenv.

22 Parnaíba Basin Gavião Real Field Production Natural Gas: 4.8 million m³/day Oil: 12 bbl/day

23 Parnaíba Basin Parnaíba Complex Installed Capacity: 1, 425 MW

24 Parnaíba Basin Ongoing evaluation plans

25 Onshore Mature basins

26 Potiguar Basin 71 blocks Area: 2, km 2 85 Production Fields Oil Production: 58,4 Mbbl/day Gas Production: 1,3 Mm 3 /day Blocos exploratórios arrematados R12 Exploration Blocos Exploratórios blocks Bid Rounds - Rodadas Oportunidades 11 Exploratórias Blocos Proposed Cessão Exploratórios Onerosa Blocks Propostos R13 - R13 Setores Proposed Propostos Sectors Polígono Pré-Sal

27 Recôncavo Basin 85 blocks Area: 2, km 2 78 Production Fields Oil Production: 41 Mbbl/day Gas Production: 2,7 Mm 3 /day Oportunidades Exploratórias Blocos Oportunidades Exploratórios Exploratórias Propostos - R13 Proposed Setores Blocos Exploratórios Propostos Blocks Propostos R 13 - R13 Proposed Polígono Setores Propostos Pré-Sal Sectors Production/Development Campos Polígono em Pré-Sal produção/desenv. Fields Blocos Campos Exploratórios em produção/desenv. - Rodadas Blocos 2 Exploratórios - Rodadas Cessão 12 Onerosa

28 Offshore Basins The Eastern Margin

29 The Eastern Margin Pernambuco-Paraíba Sergipe-Alagoas Jacuípe Camamu-Almada Jequitinhonha Cumuruxatiba Mucuri Area: ~ 1.5 million km 2 Source: Pelotas Santos Campos Espírito Santo High Potential and New Frontier basins; Prolific Pre-Salt Province Margin basins formed during the breakup of Western Gondwana and opening of the South Atlantic; Extensional stresses dominated

30 The Eastern Margin Natural Gas Oil Oil and Natural Gas Sergipe-Alagoas Basin Shallow water oil and gas fields and recent discoveries in deep waters. Camamu-Almada Basin Shallow water oil and gas fields Espírito Santo Basin Shallow and deep water oil and gas fields Campos Basin It produces 1.76 million barrels of oil and 30 million m 3 of gas per day from 48 oil fields. It represents about 76% of oil and about 32% of gas production Santos Basin Post and Pre-Salt oil and gas fields

31 Sergipe-Alagoas Basin 10 blocks Area: 7, km 2 Oportunidades Exploratórias Blocos Oportunidades Exploratórios Exploratórias Propostos - R13 Proposed Setores Blocos Exploratórios Propostos Blocks Propostos R 13 - R13 Proposed Polígono Setores Propostos Pré-Sal Sectors Production/Development Campos Polígono em Pré-Sal produção/desenv. Fields Blocos Exploration Campos Exploratórios blocks em produção/desenv. Bid - Rodadas Rounds Blocos 2 Exploratórios - Rodadas Cessão 12 Onerosa

32 Sergipe-Alagoas Basin Ongoing evaluation plans in deep water Continuous series of large ultra light oil discoveries in deep and ultradeep waters by Petrobras in the last two years.

33 Jacuípe Basin 4 blocks Area: 2, km 2 Oportunidades Exploratórias Blocos Oportunidades Exploratórios Exploratórias Propostos - R13 Proposed Setores Blocos Exploratórios Propostos Blocks Propostos R 13 - R13 Proposed Polígono Setores Propostos Pré-Sal Sectors Production/Development Campos Polígono em Pré-Sal produção/desenv. Fields Exploration Blocos Campos Exploratórios blocks em produção/desenv. Bid Rounds - Rodadas Blocos 2 Exploratórios - Rodadas Cessão 12 Onerosa Cessão Onerosa

34 Camamu-Almada Basin 9 blocks Area: 5, km 2 Oportunidades Exploratórias Blocos Oportunidades Exploratórios Exploratórias Propostos - R13 Setores Blocos Exploratórios Propostos Propostos - R13 Proposed Blocks R 13 Proposed Polígono Setores Propostos Pré-Sal Sectors Production/Development Campos Polígono em Pré-Sal produção/desenv. Fields Exploration Blocos Campos Exploratórios blocks em produção/desenv. - Bid Rodadas Rounds Blocos 2 Exploratórios - Rodadas

35 Espírito Santo Basin Oportunidades Exploratórias Blocos Oportunidades Exploratórios Exploratórias Propostos - R13 Setores Blocos Exploratórios Propostos Propostos - R13 Proposed Blocks R 13 Proposed Polígono Setores Propostos Pré-Sal Sectors Production/Development Campos Polígono em Pré-Sal produção/desenv. Fields Blocos Exploration Campos Exploratórios blocks em produção/desenv. Bid - Rodadas Rounds Blocos 2 Exploratórios - Rodadas blocks Area: 5, km 2

36 Analogue Plays to the Espírito Santo Basin Analogue: Girassol Field Angola Discovery: 1996 Water depth: m Oligocene Reservoir depth: m VOIP: 1,5 B bbl API: 32º (leve) High resolution 3D seismic

37 Campos Basin 3 blocks Area: km 2 Oportunidades Exploratórias Blocos Oportunidades Exploratórios Exploratórias Propostos - R13 Proposed Setores Blocos Exploratórios Propostos Blocks Propostos R 13 - R13 Proposed Polígono Setores Propostos Pré-Sal Sectors Production/Development Campos Polígono em Pré-Sal produção/desenv. Fields Exploration Blocos Campos Exploratórios blocks em produção/desenv. Bid - Rodadas Rounds Blocos 2 Exploratórios - Rodadas

38 Pelotas Basin 51 blocks Area: 18, km 2 Blocos exploratórios arrematados R12 Exploration Blocos Exploratórios blocks Bid Rounds - Rodadas Oportunidades Exploratórias Cessão Onerosa Proposed Blocos Exploratórios Blocks Propostos R 13 - R13 Proposed Setores Propostos Sectors Polígono Pré-Sal Campos em produção/desenv.

39 Analogues to the Pelotas Basin African Continental Margin: Namibe Basin, Walvis, Lüderitz and Orange Punta Del Este Basin Uruguay Mello et al Source: LinkClick.aspx?fileticket=ZtWER74xaqw%3d&tabid=411&mid=899

40 Pre-Salt Future Perspectives

41 Pre-Salt Production Oil: M bbl/d and Gas: 24.2 MM m³/d Jubarte/Baleia Franca/Baleia Azul Oil: 176,2 M bbl/d Gas: 6,1 MM m 3 /d Búzios Oil: 381 bbl/d Gas: 11 M m 3 /d Pampo/Trilha/ Linguado/Badejo Oil: 555 bbl/d Gas: 22 M m 3 /d Marlim Leste Oil: 45.5 M bbl/d Gas: 974 M m 3 /d Lula Oil: 267,3 M bbl/d Gas: 11,9 MM m 3 /d LIBRA Barracuda/Caratinga Oil: 24.5 M bbl/d Gas: 378 M m 3 /d Sapinhoá Oil: 142 M bbl/d Gas: 4,9 MM m 3 /d February, 2015 Sepia Oil: 352 bbl/d Gas: 9 M m 3 /d Total: 47 Wells

42 Pre-Salt Opportunities 396 m Pau Brasil Saturno ~750 km 2 Peroba ~200 km 2 Pau-Brasil ~135 km 2

43 Outline 1 Brazilian O&G Sector Overview 2 Local Content and R,D&I 3 The 13 th Bidding Round 4 Final Remarks

44 Final Remarks Brazil is a continental country full of opportunities for big, small and medium size companies, being oil companies and suppliers; The 13 th bidding-round is an example of variety of offers; The future 2 nd pre-salt round is also an example; In Brazil, exploratory opportunities go far beyond the pre-salt.

45 National Agency of Petroleum, Natural Gas and Biofuels ANP Av. Rio Branco, 65 Centro Rio de Janeiro Brasil 12º to 22º andar Phone: +55 (21)